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PetSmart 2Q sales up 11.2%


PHOENIX, Ariz. PetSmart has reported net income of $37.2 million, or 30 cents per share, for the second fiscal quarter of 2008. That compares with net income of $47.1 million, or 35 cents per share, for the second fiscal quarter of 2007.

Net sales for the second quarter of 2008 increased 11.2% to $1.2 billion, compared to the second quarter of 2007. Comparable-store sales grew 4% in the second quarter, on top of 4% growth in the same period in 2007.

"PetSmart delivered on its plan for the first half, and we feel good about delivering on our targets for all of 2008," said Chip Molloy, cfo. "We expect current macro trends to continue throughout the year, so we are focused on consistent and efficient execution, driving sales and taking great care of the customer. For the third fiscal quarter of 2008, we estimate comparable-store sales growth in the mid-single digits and earnings per share in the range of 25 cents to 29 cents."

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